Selling a homestead?

[Bruce]

That seems pretty recent I don't even know when there was last an appraisal in our old neighborhood. The house is listed the same now as it was in 2007. They are supposed to do reappraisals where we live now last year and this year. Haven't seen anyone yet.

 

[Mike CHS]

We asked the county to do a new appraisal last year since our taxes the first two years were based on the land value only the year we bought it which was 5 years ago. They supposedly do not penalize but I know a couple of people who spent major dollars for a period of several years and the county acted like they were trying to hide it. People here are super friendly and will bend over backwards for you but that doesn't apply to the tax people.

 

[Bruce]

Yeah the tax people have hearts of stone. Miss one payment by one day in 25 years and there is a huge penalty.

 

[greybeard]

That seems pretty recent I don't even know when there was last an appraisal in our old neighborhood. The house is listed the same now as it was in 2007. They are supposed to do reappraisals where we live now last year and this year. Haven't seen anyone yet.

They now do most of the appraisals here by air or sat images. The only exception I've heard of is a drive by/feet on the ground inspection to make sure you are indeed producing an ag product (IF you are ag exempt)

The only reason they reappraised market value on my place is because I went up and discussed it with them, as I knew something was amiss in regards to the both total and per acre market value of my place in comparison to the per acre market value of the adjacent 24 acres in my brother's estate. Had discussed it with wife, and as neither of us believe in free rides but understood there was a chance stirring the pot up could adversely affect our taxes, we needed to get to the bottom of it.

Started with the girl at the counter, explaining that I thought maybe they had once again got the 4 (mine, my brother's, my sister's and the parcel I sold in 2015) property id #s mixed up--name to number, but the honcho in her office overheard the conversation and honcho told girl to send me in there, she would get to the bottom of the disparity.

It came down to the fact that there are 2 different formulas. One for market value and another for taxes and they are not reflective of each other. It's complicated and seems strange but a larger tract is less desirable on the current market than a smaller tract, thus the larger tract ends up with a smaller per acre valuation.

But, when I asked 'How can a 41.4 ac place with a 9 year old home, water well, waste water treatment plant, fully fenced, cross fenced, cattle handling facility, a shop and barn, all of it planted in and producing grass and beef, with an all weather road in everything except a Harvey flood be valued at less per/ac value than 24 acres with no improvements at all and floods every time any heavy rain falls and is basically worthless to anyone except a few hunters or 4wheeler aficionados" she sat back and shook her head, said "You're right, something is wrong" then went to typing and looking at records. "Ahh..I see it now".

Back when, this place was 124 acres total. It was sub divided up into 3 equal parcels, each belonging to different members of the family. I bought a 2nd part of one of them at one time, then sold it a few years later. "It seems" she said "for whatever reason, we have had you , for market valuation only, as the owner of all 124 acres since 2004" (that was the year I bought 1/2 this 41 acre tract from my father) "and since 124 acres being 5 times larger than your bother's place, it has a much smaller per ac market value, and thus, a much smaller total market valuation". So, she calculated the 'correct' market valuation and I signed off on it after she also produced a document which she signed affirming my taxes wouldn't change (I'm locked in at 2016 appraisal for taxes anyway, as I'm over 65 and homesteaded)

 

[Bruce]

Well that is all good. Fixed for whenever the property is sold and doesn't cost you anything but some time.